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Research finds that absenteeism is the reason South Africa's losing its competitive edge
New research has found that South Africa's losing its competitive edge. And it's all thanks to absenteeism. That's just the tip of the tip of the iceberg. There are other worrying trends when it comes to sick leave abuse in the workplace. Here are the details of the study... [read more...]New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]| by Philip Rosenberg, 16 April 2013 |
One new Vat Act change you must know regarding tax invoices
I've got good news! The Vat Law's changed on 20 December 2012 and now you can now issue abridged tax invoices for supplies of less than R5 000 – it used to be for R3 000. What's the difference between a full and an abridged tax invoice you ask? Before you start issuing invoices for less than R5 000, you must know the difference between a full and an abridged tax invoice.
Let's take a look...
Use this handy checklist to know when you must issue a full or abridged tax invoice nowA full tax invoice's issued for consideration of R5000 or more.
An abridged tax invoice is Issued for consideration of less than R5 000.
Checklist: The difference between full and abridged tax invoices
|
Full tax invoice: Issued for consideration of R5000 or more |
Abridged tax invoice: Issued for consideration of less than R5 000 |
|
The words 'tax invoice' in a prominent place |
The words 'tax invoice' in a prominent place |
|
Name, address and Vat registration number of the supplier |
Name, address and Vat registration number of the supplier |
|
Name, address and Vat registration number of recipient |
Not needed – it can be made out to 'cash' |
|
Serial number and date of issue |
Serial number and date of issue |
|
Accurate description of goods or services |
Description of the goods |
|
Quantity or mass (weight) of goods or services supplied |
Not needed |
|
Price and Vat
|
Price and Vat |
This updated law should save you time and effort because you'll only need to issue (and receive) full tax invoices for supplies and services of more than R5 000. The Practical Vat Loose Leaf updates you on the latest laws changes, and gives actionable tips on how to implement these. Click here to order your copy.
Until next time...
Philip Rosenberg
Managing Editor of the Practical Vat Loose Leaf
P.S. If you have more questions about abridged or full tax invoices, visit the new Accounting & Tax club. Your questions get a guaranteed answer there.
Do you think it's a good idea to resolve conflict between my employees or should I just ignore it and let it blow over? [see the answer]
